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Reliance, IMG form sports venture

MUMBAI: Mukesh Ambani-led Reliance Industries and sports marketing giant IMG Worldwide have entered into an equal joint venture to build a professional sports business in India, which is expected to give a boost to the country's sporting arena.

“The joint venture entity — IMG Reliance — will have parallel complementary strategies: to provide and operate world-class infrastructure and coaching facilities in the country to unlock India's sporting potential and; to create and operate major sports and entertainment assets in the country,” Reliance Industries said in a statement.

IMG owns the IMG Academies in Bradenton, Florida, which educates and trains young athletes in the world in golf, tennis among other sports. Developing athletic talent is a key component of the IMG-Reliance venture.

Training of athletes

“World-class infrastructure, technology and scientific coaching are integral part of development of today's sporting talent. Our joint venture company will work with like-minded organisation and invest in developing immensely talented young Indians,” RIL Chairman and Managing Director Mukesh Ambani said. IMG Academics will provide management knowledge and coaching skills to the management and coaching teams of academies in India which will be managed by the joint venture entity, the statement added.

“The joint venture will develop new sports and entertainment assets in India modelled on the structures of such assets in mature market places,” the statement added. — PTI